OnDemand WTP Pricing Research

McCain and Baldwin to Trump: Hold pharma’s feet to the fire on drug prices | STAT

Frustrated by White House efforts to tackle rising drug prices, a pair of U.S. lawmakers is urging the Trump administration to more squarely focus on drug makers — by backing legislation requiring them to justify their pricing and provide a breakdown of expenses before raising prices on some medicines.

In a letter to be sent on Monday to President Trump, Sens. Tammy Baldwin (D-Wis.) and John McCain (R-Ariz.) urge him to “make good on your promise” to fix a problem that is vexing an increasing number of Americans by backing the Fair Accountability and Innovative Research Drug Pricing Act, which they introduced last May. An identical bill was also introduced in the House, but both have languished.

The bill would require drug makers to notify the Department of Health and Human Services and submit a report 30 days before they increase the price of certain drugs costing at least $100 by more than 10 percent in one year, or 25 percent over three years. The reports would also need to cite manufacturing, R&D, and marketing costs, as well as net profits associated with the drugs.

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McCain and Baldwin to Trump: Hold pharma’s feet to the fire on drug prices.